CARLSBAD, Calif., April 15, 2004 (PRIMEZONE) -- S3I Holdings, Inc. announced today that the Company has filed an election to become a Business Development Company pursuant to Section 54 of the Investment Company Act of 1940. An N-54A Notification was filed with the Securities and Exchange Commission on April 12, 2004.
Already structured as a holding company, S3I Holdings currently has one operating, wholly-owned subsidiary, Securesoft Systems, Inc. (SSI), and plans to pursue investments in additional synergistic businesses.
Wayne Yamamoto, CEO of S3I Holdings, commented, "The conversion to a closed end investment fund more properly positions the Company to raise capital in a more efficient manner and to expand its business interests to include a number of existing, synergistic revenue-generating companies. In addition to infusing capital into Securesoft Systems in order to move forward with the development, marketing and sales of SSI's product and service line, the Company plans to pursue acquisitions in areas such as software, technology, and other related industries.
"While the Company will not necessarily limit its acquisitions to just one line of business or industry, S3I Holding does plan to initially focus its efforts on potential acquisitions in areas that it has management experience. All of its acquisitions will be designed to enhance shareholder value through capital appreciation and dividend payments to the Company," added Mr. Yamamoto.
Company Profile
Founded in 1999, SSI is a leader in compliance and risk management software, services and Internet technologies for regulated industries. S3I Holdings, Inc. acquired SSI in April 2003. For more information about SSI, please visit our website at: www.securesoftsystems.com.
Safe Harbor Statement
This release contains forward-looking statements which involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements are based on currently available information which management has assessed but which is dynamic and subject to rapid change due to risks and uncertainties that affect our business, including, but not limited to, the impact of competitive products and pricing, limited visibility into future product demand, regulatory interpretation, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.